A pixel circuit, an organic electroluminescent display panel and a display device are provided. The pixel circuit includes a light emitting element, a first capacitor, a reset control module, a drive control module, a compensation control module, and a light emission control module. In a reset phase, the reset control module writes a reset signal at a reset signal end into a second end of the first capacitor. In a compensation phase, the reset control module writes a data signal at a data signal end into a first end of the first capacitor, and the drive control module charges the first capacitor through the compensation control module. In a light emission phase, both the light emission control module and the first capacitor enable the drive control module to drive the light emitting element with a stable current for emission of light.